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Law Offices of Steven M. Adler, PLLC
Committed to Meeting the Needs of Each Individual Client |
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Adler Law E-Newsletter
February 2012 |
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Law Offices of Steven M. Adler, PLLC
666 Old Country Road, Suite 605
Garden City, New York 11530
Phone: (516) 876-1105
Fax: (516) 794-0463
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Greetings!
Welcome to our February 2012 edition of the Adler Law E-Newsletter. In this edition of the Adler Law E-Newsletter, we discuss how the unfortunate death of pop star Whitney Houston has once again sparked interest in posthumous earning potential. In addition, we have included an article which discusses some key points to take into consideration when planning for your retirement.
If you have not done so already, please visit our law firm's new web site. It's still located at StevenAdlerLaw.com. Also, if you haven't "Liked" my firm's Facebook page yet, please click here and do so. Thank you.
As always, if you have a question or concern with respect to any particular legal subject, please contact me or Dolores Jannuzzi, Esq. and we would be happy to discuss your topic in a future issue of Adler Law. In addition, if you know of someone who may be interested in receiving this newsletter, please forward it to them by clicking the "Forward Email" link at the bottom of this page.
Thanks and have a great day. Sincerely, Steven M. Adler |
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WHITNEY HOUSTON'S DEATH SHINES A LIGHT ON POSTHUMOUS EARNING POTENTIAL.
 The unfortunate death of singer Whitney Houston late last week has sparked renewed interest in the entertainer's music. Her best-known song "I Will Always Love You" quickly became the most-downloaded song on iTunes on the eve of the Grammy Awards. But even before the singer's funeral could take place or the cause of her death could be established, speculation had already begun about what it would mean for her estate's earnings. After all, many musicians have experienced something of a morbid career renaissance after their deaths.
Many celebrities continue to generate income long after their deaths thanks to books, recordings or even the use of their likeness to sell products. Michael Jackson, no stranger to creating successful music himself, also had a large stake in a music publishing company that continues to be profitable for his estate. Elizabeth Taylor's fragrance business will live on even though the actress does not.
While most non-celebrities will not have potential income after death from songs or movies, they very well might from a business or other investments they had contributed to during their lifetime. Careful estate planning with an experienced estate planning attorney could make the difference between successfully transitioning that income to successor businesses, trusts or individuals, or risk losing it due to inadequate preparations.
As for Houston, her future income potential might be somewhat stunted. While her estate will make money from sales of her recordings, many of her most famous songs were written by others, who will stand to profit as much if not more from increased sales and airplay. A large windfall, in fact, will go to Dolly Parton, who wrote and recorded "I Will Always Love You" decades before Houston ever sang it.
Feel free to contact Dolores or Steven to discuss your particular situation.
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RETIREMENT PITFALLS CAN BE AVOIDED WITH PROPER ESTATE PLANNING.
 Nobody intends to make financial mistakes when it comes to funding their retirement. Unfortunately, a lot of people who are retired or are approaching retirement age in New York simply haven't done the preparation that they need in order to make sure that they have enough security for the remainder of their lives.
Estate planning is a big component of a comprehensive wealth preservation strategy and is best handled by a professional. But many people don't think about how their plan for directing assets after their death needs to include a crucial step: preparing for what could be several decades of retirement. Health care costs, for example, can take up a giant bite of retirement savings that retirees don't always consider ahead of time.
Here are some potential pitfalls for retirees and those about to retire:
1. Being too conservative financially. People want to preserve what they have, but with inflation the way it has been, simple savings instruments may not be enough to keep up.
2. Delaying planning. The sooner a comprehensive estate plan can be in place and implemented, the better. With so many seniors experiencing cognitive impairment in their later years, professional guidance is essential.
3. Being overly generous. The temptation to give to children and grandchildren may be great, but be prudent. They won't be retiring for a long time.
4. Being overtaxed. Many people overlook easy-to-avoid mistakes such as not withdrawing from IRAs at the right time.
5. Taking financial advice from unqualified people. Friends and family mean well, but unless they are financial professionals, their advice should be taken with a ton of salt.
6. Not saving enough for health care. Supplemental insurance can help if personal savings and Medicare don't cover everything.
7. Not planning to live a long time. As people live longer, retirements can last for 30 years or more, and medical science keeps making improvements.
Please contact Dolores or Steven to discuss your particular situation.
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The Law Offices of Steven M. Adler, PLLC are committed to providing their clients with the highest level of professional legal services at reasonable prices. Steven M. Adler, Esq., along with the rest of his law firm's highly competent support staff, gives all of his clients the personal attention and the legal expertise which they are entitled to receive. The Law Offices of Steven M. Adler, PLLC takes pride in the quality, effectiveness and efficiency of their legal services.
Law Offices of Steven M. Adler, PLLC
666 Old Country Road, Suite 605
Garden City, New York 11530
Phone: (516) 876-1105
Fax: (516) 794-0463
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